传媒：政策出台激励企业发展有望推动产业增长

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][5] Core Viewpoints - The recent announcement by the Ministry of Finance, State Administration of Taxation, and the Central Propaganda Department regarding tax policies for the transformation of operational cultural institutions into enterprises is expected to stimulate industry growth [2] - The policy aims to provide tax incentives for cultural institutions that transition to enterprises, allowing them to be exempt from corporate income tax until December 31, 2027, if they complete the transformation by December 31, 2022 [2] - The report highlights a strong growth trend in cultural enterprises, with significant increases in the cultural service sector and core cultural fields [2] Summary by Relevant Sections Investment Highlights - The report notes that the cultural and related industries achieved a revenue of 701.58 billion yuan in the second half of 2023, representing a year-on-year growth of 7.6% [2] - Key sectors such as cultural entertainment, cultural investment, and news information services saw rapid growth, with year-on-year increases of 43.5%, 30.4%, and 19.8% respectively [2] - In the first half of 2024, the revenue for these industries reached 649.61 billion yuan, a 7.5% increase compared to the previous year [2] Analyst Insights - The report emphasizes that the continuous deepening of policies will support enterprise development and that the industry is expected to maintain a growth trajectory [2] - The report suggests focusing on companies such as Anhui Xinhua Media, Shandong Publishing, and others as potential investment opportunities [2]